Horse Racing Forum - PaceAdvantage.Com - Horse Racing Message Board

Go Back   Horse Racing Forum - PaceAdvantage.Com - Horse Racing Message Board


Thread: Tax Reform
View Single Post
Old 05-04-2017, 08:13 PM   #35
Clocker
Registered User
 
Join Date: Jul 2013
Posts: 17,095
Quote:
Originally Posted by _______ View Post
Federal income tax paid/AGI, I don't think there are.

I'll have to back off my "no one". I don't know that. It's probable that across the entire tax paying population, there are some. But they are very few.
Very few. The highest bracket is 39.6%, and that is on ordinary income over $400K. You would have to have a lot of income in that top bracket to average out the lower rates on the first $400K. But there are people in that income range that pay over 50% in total taxes, including federal, state, and local.

Anyone making that much is probably paying a lot of it as capital gains tax, which is 20% for the highest earners. And they are paying a good tax accountant to find ways to avoid taxes. In Trump's leaked 2005 tax return, he paid an over-all rate of about 24% on many millions.
__________________
A man's got to know his limitations. -- Dirty Harry
Clocker is offline   Reply With Quote Reply
 
» Advertisement
» Current Polls
Wh deserves to be the favorite? (last 4 figures)
Powered by vBadvanced CMPS v3.2.3

All times are GMT -4. The time now is 01:44 PM.


Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Copyright 1999 - 2023 -- PaceAdvantage.Com -- All Rights Reserved
We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program
designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.